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LA REIT Enters St. Louis Market, Buys Six-Bldg. Suburban Office Portfolio

November 19, 2013
Tryperion Partners, a Los Angeles-based private real estate investment trust focused on value-add properties, entered the St. Louis market with the acquisition of a six-building, 637,000-square-foot suburban office portfolio from Duke Realty Corp.

More than 90 percent of the office space in the buildings is currently under long-term leases, including the headquarters for Energizer Holdings and Panera Bread.

Tryperion said it bought the buildings in two separate transactions with two different lenders but did not disclose prices. It purchased two buildings totaling 252,000 square feet in the Maryville Centre office campus at 533 and 555 Maryville University Dr. in Town and Country with financing from John Hancock Life Insurance Co. Four buildings totaling 385,000 square feet, including three in Sunset Hills' Laumeier Office Park and Westport Place in Maryland Heights were acquired with financing from Wells Fargo.

Tom Ray and Art Kerckhoff of CBRE will have the Maryville listing and Jay Holland and Piers Pritchard of Cassidy Turley will handle leasing for the Sunset Hills and Maryland Heights buildings. CBRE will manage all the properties.

The six buildings were part of Duke Realty's 17-building Midwest Suburban Office Portfolio with buildings located in Cincinnati, Cleveland and St. Louis. Duke hired Cassidy Turley to market the portfolio to prospective buyers earlier this year as part of its plan to sell-off suburban office holdings in favor of growing its industrial and healthcare holdings.

Please refer to CoStar Comps 2884430 and 2890575 for more information.
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